Sears Canada announced today that the company will be applying to liquidate all of its remaining stores and assets.
Sears will be applying to the Ontario Superior Court of Justice for approval, and pending approval, liquidation would commence no earlier than Thursday, October 19th, and will continue for 10 to 14 weeks.
The Court will be hearing the motion on Friday, October 13th, and Sears Canada said in a statement that the liquidation would result in the “wind-down” of the business following Court approval.
"Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received," reads the statement.
“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures."
In June of this year, Sears Canada filed for creditor protection and announced the closure of 49 of its locations, resulting in the loss of 2,900 Canadian jobs. They later agreed to set up an Employee Hardship Fund in August.